Long term care insurance isn't for everyone. If you're a multi-millionaire and you are confident that your legacy will still be intact then you can possibly do well without long term care insurance. Dane Petchul, LongTermCareInsurancePros strongly advises his clients to get a long term care insurance policy if they do not belong to such a special group.
Spending $75K on long term care a year will destabilize your plans for your kids unless you're really rich. If you love your kids and if you have plans of how you would like to spend your last days on your own terms, you could easily be made to live at the mercy of others instead (or however and wherever the government thinks is good for you) if for any reason you require long term care.
Long term care insurance becomes a solid protection from such possibilities thereby ensuring your savings and investments are used exactly the way you planned.
If you wait till you get older it becomes more difficult for you to get an insurer. Eleven out of every hundred long term care insurance applicants in their fifties are usually NOT accepted. However, the number drops for those in their sixties as only 81 would be accepted out of every 100. But for those in their seventies, their rejection rate is about 43%.
You can see the figures and you can also decide if you'd definitely belong to those accepted at an advanced age. You need long term care insurance only because the probability exists that you'll need long term care as you grow older.
Buying at a later age means running a higher risk of not being accepted and also paying much more in the long run. This is because even if you're accepted, your premiums become so high that your total over time is much more than the total for someone who got theirs earlier.
You can, however, lower your long term care insurance costs by getting at least three insurance quotes from a Long-Term Care planning specialist. The major carriers have different elements within their plans that make them difficult to compare.
In order to diligently compare long term care insurance quotes, it is important to discuss the different plans with your Long-Term care specialist. In dealing with an expert in long-term care planning, you can save yourself time and money in choosing the best plan for you.
Would like to speak with a Long-Term Care professional? Just call 949-854-3001
or 877-GO-4-LCTi (464-5824)
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